Exclusive: HSBC customers threaten to switch banks unless it cuts Russian oil ties March 11, 2022 More than 1,700 HSBC customers have written to the bank urging it to cut its ties with Russian oil and gas businesses, research shared exclusively with Morning Wire has revealed. It comes amid lingering controversy over HSBC’s backing of China’s national security law as it was imposed in June 2020 and has stamped out many [...]
Branch banking to be dead and gone in Europe by 2025 March 10, 2022 Banking through physical branches could phase out by 2025, a new survey has revealed, as the pandemic-era push to online holds its momentum. Nearly 70 per cent of European banks, surveyed by the Economist Intelligence Unit (EIU) and Temenos, said that brick and mortar banks will be dead and gone in just three years. It [...]
What’s the best ISA strategy for you? March 9, 2022 | Sponsored Annabelle Williams, personal finance specialist and Gary Shepherd, investment writer at Nutmeg, the digital wealth manager Saving and investing used to be for scrooges and squares, but they’ve become pastimes for millions of people who know that being financially savvy is far from geeky – it’s the way to fund their best life. Strategising, maximising [...]
Nearly half of all Brits fear inflation may rise more than Bank of England prediction March 9, 2022 About two-fifths of people polled recently have a more pessimistic view about rising inflation than the Bank of England, it has been revealed. Despite the Bank’s prediction of a seven per cent spike in Spring, 39 per cent of respondents to a survey by HR software provider CIPHR thought it would be eight percent or [...]
UBS reveals $200m exposure to Russian assets March 7, 2022 Swiss banking group UBS has today revealed it has around $200m exposure to Russian assets and around $10m of outstanding loans to clients hit by western sanctions in response to Russia’ invasion of Ukraine.
Brexit impact minimal as London lost only 7,500 jobs due to UK’s departure, says EU-born City mayor March 7, 2022 Canada’s mayor, Irishman Vincent Keaveny, rejects any notion that London is losing its position as Europe’s financial capital. In fact, the Square Mile has lost less than 7,500 jobs as a result of the UK’s departure from the EU, Keaveny said, while City firms employ more than 500,000 people. “A certain number [...]
FCA looks to make fair loans more accessible amid cost of living squeeze March 7, 2022 The Financial Conduct Authority is looking to incentivise firms to offer vulnerable borrowers fairer loans following the slow demise of payday loans. The UK’s high-interest loan market has shrunk considerably in the past few years, with the market exit from Provident Financial and troubled Amigo which has been batting off insolvency. The watchdog, which [...]
Saturday Sitdown: Credit Suisse’s global investment boss on the dawn of a new world order March 5, 2022 The Russian invasion of Ukraine has accentuated geo-political risks, further fueling volatility on financial markets and unsettling investors. These developments mark a clear shift to a new world order, Michael Strobaek, Credit Suisse’s global chief investment officer, told Morning Wire in an exclusive interview. “This new world order will make risk management as well as investing [...]
Citigroup unsure about future of Ukraine operations as cyber attacks loom March 3, 2022 Citigroup’s chief executive Jane Fraser is unsure about the future of the group’s Ukraine operations following the Kremlin’s invasion. The bank, which has helped some of its Ukrainian staff evacuate from the country, said today some employees have remained to help clients in the country but it’s not clear how long they will be able [...]
Ukraine raises over £200m in war bonds to fuel military defence March 2, 2022 Ukraine has raised $270m (£202.5m) in war bonds to fuel its military defence, as Russia continues its invasion of the country. The capital “will be used to meet the needs of the Armed Forces of Ukraine and to ensure the uninterrupted provision of the state’s financial needs under the war,” Ukraine’s ministry of finance wrote [...]